Buyer Information

People typically have a lot of questions as they consider buying real estate in Ocean City MD and the surrounding areas.  As a result of this I thought it would be helpful to address some of the questions that I am frequently asked.  Below are detailed articles outlining and explaining the various steps involved in buying real estate in Ocean City MD and the surrounding areas.  If you have a specific question and can not find what you are looking for feel free to contact me and I would be glad to assist.  I can also be reached directly anytime at 443-614-9179.

There are currently 13 blog entries related to this category.

 

Inventory

There are currently 861 homes, town homes and condos for sale in Ocean City, which represents a 15% decrease in inventory from 2015.

 

Active Listing Prices

The average price of active real estate listings in Ocean City is currently $342,000 and the median listing price is $290,000.  The average listing price for the year in Ocean City is $341,000, which is a 2% decrease from 2015.

 

Sold Listing Volume

112 Ocean City properties went to settlement during September bringing the total number of sold listings for the year in Ocean City to 865, which represents a 6% increase in market activity over 2015.

 

Sold Prices

The average sold price for Ocean City properties that went to settlement during

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Active Listing Volume

There are currently 974 homes, town homes and condos for sale in Ocean City, which is a 12% decrease in inventory from 2015.

 

Active Listing Prices

The average price of active real estate listings in Ocean City is currently $345,000 and the median listing price is $288,000.  The average listing price for the year in Ocean City is $340,000, which is unchanged from 2015.

 

Sold Listing Volume

102 Ocean City properties went to settlement during April bringing the total number of sold listings for the year in Ocean City to 310, which represents an 8% increase in activity over 2015.

 

Sold Listing Prices

The average sold price of closed real estate listings in Ocean City during April was

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One of the questions I am asked most as a real estate agent in Ocean City is "how much are the closing costs and what do they cover?"  Closing costs are the fees and charges associated with buying a particular piece of real estate, which are in addition to the purchase price.  Closing costs will vary from deal to deal depending on the purchase price and overall deal structure, however there are some common similarities that I have outlined below.

Down Payment

The largest portion of your closing costs will be the down payment on your mortgage.  When buying primary residences, second homes and investment properties most people put down at least 20% to 25% in order to get the best interest rates and loan programs available.  You can put down 10%

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Ocean City Active Listing Volume

There are currently 1091 homes, condos and town homes for sale in Ocean City, which is down by 2% from 2014.

 

Ocean City Active Listing Prices

The average active listing price in Ocean City is currently $344,000 and the median listing price is $280,000.  The average active listing price for the year in Ocean City is $343,000, which is unchanged from 2014.

 

Ocean City Sold Listing Volume

128 properties went to settlement in Ocean City during May bringing the total for the year to 416, which represents a 15% increase in activity over 2014.

 

Ocean City Sold Listing Prices

The average sold price in Ocean City during May was $291,000 and the median sold listing price was

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Ocean City Active Listing Volume

There are currently 1005 homes, town homes and condos for sale in Ocean City, representing a 2% increase in inventory over January of last year.

Ocean City Real Estate Listing Volume - Feb. 2015

 

Ocean City Active Listing Prices

The average listing price for real estate in Ocean City is currently $341,000 and the median listing price is $282,000.  Both of these price values are unchanged from their January 2014 levels.

Ocean City Real Estate Listing Prices - Feb. 2015

 

Ocean City Sold Listing Volume

53 properties went to settlement in Ocean City during January, representing a 29% increase in activity over January of last year.

Ocean City Sold Real Estate Volume - Feb. 2015

 

Ocean City Sold Listing Prices

The average sold listing price for real estate in Ocean City during January was $277,000 and the median sold

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In this Hot List we highlight the best listings that come on the market each week.  These are the best deals in the area that will get a lot of activity and sell quickly.  This Hot List is comprised of market wide listings and not just our company's listings.

If a property is of interest to you take the MLS # and input it into the search box on our home page to view the full listing details.

If you would like opportunities like these emailed to you as they become available sign up for our Property Updates Program. 

Ocean City Bay Front Condo - MLS #494613

Two bedroom, two full bath condo on the direct bay front in Ocean City.  This is a top floor condo with southern exposure and great views of the open bay.  The unit conveys with a deeded

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Ocean Pines Active Listing Volume

There are currently 205 condos, townhomes and homes for sale in Ocean Pines.  This is down by 10% from last month and up by 7% over November of last year.

Ocean Pines Active Listing Prices

The average listing price in Ocean Pines is currently $319,000 and the median price is $258,000.  This brought the average listing price for the year in Ocean Pines to $330,000, which is up by 2% over the 2013 average listing price through this point of $322,000.

Ocean Pines Sold Listing Volume

33 properties went to settlement in Ocean Pines during November, which was a 22% increase in activity over November of last year.  For the year a total of 276 Ocean Pines properties have gone to settlement, which is on

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Active Listing Volume

There are currently 1126 properties for sale in Ocean City, which is up by 13% over September of last year.

Active Listing Prices

The average listing price for the year in Ocean City is $346,000, which is virtually unchanged from the 2013 average price through this point of $349,000.

Sold Listing Volume

For the year a total of 745 properties have gone to settlement in Ocean City, representing a slight increase over the 742 properties that sold through this point last year.

Sold Listing Prices

The average sold listing price for the year in Ocean City is $294,000, which is on pace with the 2013 average sold price through this point of $298,000.

Average Sold Price per Square Foot

The

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The mortgage process has undergone some changes over the past few years and if you haven’t been through it recently there are some things you should be aware of.  While the banks are eager to lend money (this is after all how they make a profit) they are performing considerably more due diligence, ensuring every “i” is dotted and every “t” is crossed.  Additionally, there are a couple of additional steps when you are purchasing property “at the beach” that you need to ensure you and your agent are familiar with.  Below you will find an overview of the process and additional steps as they pertain to the purchase of real estate in Ocean City MD and the surrounding areas.

Pre-Approval

The first step as you consider purchasing real estate in Ocean City

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One of the most important phases of buying real estate in Ocean City MD and the surrounding areas are the property inspections.  In most situations your are going to want to have inspections performed on the property you are pursuing to ensure it is sound structurally and that all of the mechanical systems and appliances are in working order.  The cost for inspections for most averaged sized Ocean City area properties will be around $300.  This is pretty inexpensive "peace of mind" insurance considering the overall cost of these homes, condos and town homes.  There are two types of home inspection contingencies that can be made part of the contract of sale.  The first is your standard home inspection contingency and the other is an "AS IS" inspection

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